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One aspect of the marketing industry that I love the most is its unwavering ability to constantly evolve and change with culture, consumer behavior and the overall digitization of the world we live in. Nothing we do today is done the same way we used to do it, and influencer marketing is certainly no exception.
In 2023, influencer marketing is expected to grow into an astonishing $21.1 billion industry, a 1,200% increase from $1.7 billion just seven years ago. This growth is being driven by a number of factors, including social media ad fatigue, brand marketers who need to attract their next generation of consumers, streamlined workflows that make it easier to engage influencers, and increased measurability and attribution.
As the industry evolves and the world around us changes, so must our influencer marketing strategies. Brand mishaps with influencers are nothing new, but this time the stakes are higher: two-thirds of U.S. consumers say their social values shape their shopping choices.
In addition, for brands that want to attract their next generation of fans, it’s critical to take a stance on the issues vital to them: 75% of Gen Z consumers want the brands they support to involve themselves in social and political issues.
With all this momentum in the creator economy and the increased pressure on brands to play a role in social and cultural conversations, it’s time to evolve the way we develop influencer marketing strategies. Brands have a real opportunity to be a galvanizing force for good, but it requires reimagining the planning process.
Dig deep into consumer passion and pain points
Brands must understand the core values of their target audience—and I don’t mean their fleeting reactions to the news cycle of the day.
Core values are what people care about most and are an enduring part of who they are, i.e. helping those in need, taking care of the earth, ending poverty, reproductive justice, and creating a more diverse and equitable society.
Oftentimes, our customers’ core values are topics that specific influencers discuss in their content. Conduct a custom market research panel study to get these insights. Understanding what your customers care about should be foundational to developing your strategy.
